The jackpot for the Powerball draw on Mon May 12, 2025, is projected to be $93 Million, with an option for a cash payout of $42.3 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New York residents, the state will deduct 8.82% from your lottery earnings.
| New York Powerball Jackpot/Cash Option for Mon May 12, 2025 |
|---|
| Draw Date | Mon May 12, 2025 | | Projected Jackpot | $93,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(8.82%) | $3,730,860 | | Net Lumpsum Payment | $22,957,810 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$123,457 |
$798,051 |
| 2 |
$1,469,772 |
$504,146
$129,634 |
$835,992 |
| 3 |
$1,543,242 |
$531,330
$136,114 |
$875,798 |
| 4 |
$1,620,432 |
$559,890
$142,922 |
$917,620 |
| 5 |
$1,701,435 |
$589,861
$150,067 |
$961,507 |
| 6 |
$1,786,530 |
$621,346
$157,572 |
$1,007,612 |
| 7 |
$1,875,810 |
$654,380
$165,446 |
$1,055,984 |
| 8 |
$1,969,647 |
$689,100
$173,723 |
$1,106,824 |
| 9 |
$2,068,134 |
$725,540
$182,409 |
$1,160,185 |
| 10 |
$2,171,550 |
$763,804
$191,531 |
$1,216,215 |
| 11 |
$2,280,081 |
$803,960
$201,103 |
$1,275,018 |
| 12 |
$2,394,099 |
$846,147
$211,160 |
$1,336,792 |
| 13 |
$2,513,790 |
$890,433
$221,716 |
$1,401,641 |
| 14 |
$2,639,526 |
$936,955
$232,806 |
$1,469,765 |
| 15 |
$2,771,493 |
$985,783
$244,446 |
$1,541,264 |
| 16 |
$2,910,063 |
$1,037,054
$256,668 |
$1,616,341 |
| 17 |
$3,055,515 |
$1,090,871
$269,496 |
$1,695,148 |
| 18 |
$3,208,314 |
$1,147,407
$282,973 |
$1,777,934 |
| 19 |
$3,368,739 |
$1,206,764
$297,123 |
$1,864,852 |
| 20 |
$3,537,162 |
$1,269,080
$311,978 |
$1,956,104 |
| 21 |
$3,714,048 |
$1,334,528
$327,579 |
$2,051,941 |
| 22 |
$3,899,769 |
$1,403,245
$343,960 |
$2,152,564 |
| 23 |
$4,094,697 |
$1,475,368
$361,152 |
$2,258,177 |
| 24 |
$4,299,483 |
$1,551,139
$379,214 |
$2,369,130 |
| 25 |
$4,514,406 |
$1,630,661
$398,171 |
$2,485,574 |
| 26 |
$4,740,210 |
$1,714,208
$418,087 |
$2,607,915 |
| 27 |
$4,977,174 |
$1,801,885
$438,987 |
$2,736,302 |
| 28 |
$5,226,042 |
$1,893,966
$460,937 |
$2,871,139 |
| 29 |
$5,487,372 |
$1,990,658
$483,986 |
$3,012,728 |
| 30 |
$5,761,722 |
$2,092,168
$508,184 |
$3,161,370 |
|
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